More Democrats are getting behind the confiscation of wealth,
and Senator Elizabeth Warren must be dancing in the streets of
Washington --- especially with the news that California wants a
piece of the action too. The very left-leaning state is preparing
to vote in November on whether to expropriate (snatch, actually)
5% of the state's billionaires' assets, supposedly a one-time only
measure as federal transfers dissolve (so California's Democrats
say; take their word with a grain of salt!). The same story is of
course in motion in Congress, with Sen. Warren (D-MA)
leading the charge with her plan to stick a 2% tax on all house-
hold wealth above $50 million and a 1% surtax on fortunes
over $1 billion. These awful ideas are to fund the many entitle-
ment programs that California has to offer which the state's
taxpayers are vehemently against being made to pay for.
It's easier to sell these schemes when the check for all this
is presented to the wealthy Californians; that's why so many
of them have packed up and left California and many more
are soon to follow.
It must be noted, however, that confiscating billionaires'
money is not at all a serious financial plan; wealth taxes
have been tried in Europe and were a bust, because they
were proven costly and unworkable. The U.S. Constitution
will be a bulwark to block their implementation here in our
country, much to the chagrin of Sen. Warren and her chums.
Meanwhile, not only wealthy people are fleeing California,
but middle-class folk are following suit. California has
already lost one congressional district because of the
unrelenting taxation driving Californians out; this is
something that the Golden State has never before experienced.
At the rate things are going, California will lose many more
people and some more districts, and the left-wing confiscators'
zeal will fade along with California's tax base when they
wonder how and why this happened.
MEM